Fla. Stat. § 673.6041 : Commercial Relations — Uniform Commercial Code: Negotiable Instruments — Discharge by cancellation or renunciation

  • Date:

Current through Chapter 269 of the 2016 Legislative Session

(1) A person entitled to enforce an instrument, with or without consideration, may discharge the obligation of a party to pay the instrument:
(a) By an intentional voluntary act, such as:
1. Surrender of the instrument to the party;
2. Destruction, mutilation, or cancellation of the instrument;
3. Cancellation or striking out of the party's signature; or
4. Addition of words to the instrument indicating discharge; or
(b) By agreeing not to sue or otherwise renouncing rights against the party by a signed writing.
(2) Cancellation or striking out of an indorsement pursuant to subsection (1) does not affect the status and rights of a party derived from the indorsement.
Fla. Stat. § 673.6041
s. 2, ch. 92-82.
SECTIONS